President Trump signs Tax Cuts and Jobs Act

Friday, December 22, 2017, U.S. President Donald Trump signed the Tax Cuts and Jobs Act, HR1, into law. Republicans almost universally applauded the plan.

“It has truly been a great week! Between passing pro-growth tax reform and learning that the 187th Fighter Wing in Montgomery landed the F-35 program, we have a lot to celebrate both in Alabama and across the country,” Congresswoman Martha Roby, R-Montgomery, said. “I am so glad that my children, Margaret and George, had a holiday break from school and were able to experience the excitement in Washington this week. They were with me at the White House to celebrate passage of our tax reform plan, and I am so thankful they witnessed this historic moment firsthand. As 2017 comes to a close, we have a lot to be excited about!”

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“The Tax Cuts and Jobs Act will provide a much needed tax break for hardworking Americans for the first time in 31 years,” Congressman Gary Palmer, R-Hoover, said. “Our tax plan not only puts more money in the pockets of the American people, but will also launch economic growth. Over the previous eight years our economy only grew at an anemic 1.8 percent per year because businesses were shackled by a complicated and burdensome tax code that was designed for a 1986 economy. The tax reform bill the House just passed removes the shackles and brings our tax code up to date with today’s economy and with American families and workers. I look forward to the Senate favorably voting on the tax bill so we can give the American people a Christmas gift that will keep on giving.”

“CBS This Morning recently took at look at the Tax Cuts and Jobs Act to see what impact it would have on three separate individuals,” Congressman Bradley Byrne, R-Montrose, said on social media. “What did they find? They all receive a tax cut under our new plan. When you look at the facts and stop listening to all the political noise, you will release this bill means a tax cut for you and your family.”

“Congress has passed the first overhaul of the U.S. tax code in more than 30 years,” Trump said. “The Tax Cuts Act is a powerful symbol of what Republicans can accomplish when they unite behind a positive governing agenda for the country. But this legislation isn’t about Republicans vs. Democrats. Rather, it’s an early centerpiece of the vision President Trump laid out on the campaign trail. Americans of all backgrounds want a government that’s more accountable, more democratic, and less eager to line its pockets with cash from taxpayers and small businesses.”

“The U.S. tax code was an overcomplicated mess,” Trump wrote, “So we understand Americans want to know exactly what’s different under the new law. It makes three important changes to our tax system: The Tax Cuts Act means less money taken out of Americans’ paychecks. It provides $5.5 trillion in tax cuts by nearly doubling the standard deduction, doubling the child tax credit, protecting tax savings for higher education and retirement, and lowering rates across the board. It also repeals Obamacare’s individual mandate tax, 80 percent of which hit households earning less than $50,000 a year in 2016. The bill puts American businesses on a level playing field with foreign competitors. America’s corporate tax rate will go from being the highest in the developed world to below the average for Organization of Economic Co-operation and Development (OECD) countries. A one-time tax on corporate earnings stashed overseas will end the incentive for companies to keep their profits outside of the United States. The act will eliminate dozens of special interest tax breaks and loopholes. The Tax Cuts Act will raise $4 trillion in revenue to help offset tax cuts by closing the door on dozens of corporate accounting tricks. The bill eliminates a loophole used to deduct compensation for executives earning more than $1 million a year. Washington isn’t spared, either: Members of Congress will no longer be able to deduct their living expenses.”

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Trump admitted, “Talk is cheap, of course—the proof will come when Americans begin seeing more money in their paychecks as early as February. In addition to tax relief for working families, this bill is about restoring America’s economic dominance.”

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The bill is the first major legislative victory to be passed into law by Trump. The first year of the Trump administration has seen heightened economic growth, a soaring stock market, and a rapidly improving employment situation. Trump and the Republicans are hoping that the tax cuts will spur further economic growth and a rising of economic opportunity. Democrats on the other hand complain that wealth taxpayers and corporations get the biggest tax breaks.